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Auction Rules   

In order to make this website as secure as possible, both bidders and sellers must register with eDebtAuction.com before participating in any auction.   The rules and forms for both bidders and sellers are listed below, please read carefully.

SELLERS’ RULES OF THE AUCTION

1. All sellers must complete the registration form and submit verification to eDebtAuction.com of its debt which would be listed for sale. Please also provide a copy of your letterhead. Once you are a registered seller, you can choose your own membership number and password and place items into auction as many times as desired.

2. Participation in this auction constitutes acceptance by the seller of the User Agreement of this website. Before you are permitted to participate in the auction, all sellers must read and accept the User Agreement.

3. For legal reasons involving rights of privacy, seller’s description of the debt item must be described generically ie. no names of businesses or individuals will be listed as part of the auctioned portfolio. Any debt portfolio which does not meet this criteria will not be posted.  No exceptions.

4. Seller will permit eDebtAuction.com to post its listing based upon information provided by seller in the Auction Registration.

5.  All auctions will last for seven calendar days at which point the highest bidder wins the auction.

6. When the auction has ended, seller should contact the winning bidder within 3 business days to conduct due diligence. The winning bidder pays the seller directly for the debt item and it is the seller’s responsibility to fulfill the order when payment terms are met. The binding contract of the auction is between the winning bidder and seller.

7. Seller agrees to pay eDebtAuction.com a fee for conducting the online auction of its debt item based on the following schedule:

Insertion Fee: $100.00 per debt item
Auction Fee: 5.0% of amount of high bid up to $100,000.00
2.5% of amount of high bid from $100,000.01 up to $500,000.00
1.0% of amount of high bid from $500,000.01 and up.
All debt item less than 1k, then $50 posting plus 5% of sale price.

8.  eDebtAuction.com will invoice seller for amount due after successful completion of auction.

BIDDERS’ RULES OF THE AUCTION

1.  All bidders must be prequalified as experienced business professionals or companies in the field of debt recovery.

2.  No one is permitted to bid on an item until you become a registered bidder.  Click here to register.  Once you are a registered bidder, you can choose your own membership number and password. The bidder may enter any auction and submit bids 24 hours-a-day.  At this time, there is no fee to become a bidder member.

3.  Participation in this auction constitutes acceptance by the bidder of the Terms and Conditions of this auction.  Before you are permitted to participate in the auction, all bidders must read and accept the Terms and Conditions.  Click here to review Terms & Conditions.

4.  Winning bidders will be notified of total purchase price and the name and phone number of the seller by e-mail within 24 hours of completion of the auction or by review of the auction page.

5.  When the auction has ended, winning bidder should contact the seller within 3 business days in order to conduct due diligence then make arrangements to seller for payment. The winning bidder pays the seller directly for the debt item and it is the seller’s responsibility to fulfill the order when payment terms are met.  The binding contract of the auction is between the winning bidder and seller.

6.  It is the responsibility of the parties to draw up any assignments or legal documentation necessary to transfer the right to payment from seller to buyer.